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Solend v2.0.1 (solana-labs#131)
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* 0xripleys outflow limits (solana-labs#125)

Use a sliding window rate limiter to limit borrows and withdraws at the lending pool owner's discretion.

* 0xripleys borrow coefficient (solana-labs#127)

Add a borrow weight to the Reserve

* Two Prices PR (solana-labs#129)

- Add a smoothed_market_price to Reserve that is used to limit borrows and withdraws in cases where smoothed price and spot price diverge.
- allowed_borrow_value now uses the min(smoothed_market_price, current spot price)
- new field on obligation called borrowed_value_upper_bound that uses max(smoothed_market_price, current spot price)

* audit nits

* audit fixes pt 2

* disable rate limiter if window duration == 0

* cli changes for v2.0.1 (solana-labs#133)
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@0xripleys
0xripleys authored Mar 28, 2023
1 parent 5a53f75 commit 5122002
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Showing 31 changed files with 3,132 additions and 271 deletions.
198 changes: 198 additions & 0 deletions token-lending/cli/src/main.rs
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Original file line number Diff line number Diff line change
@@ -1,6 +1,7 @@
use lending_state::SolendState;
use solana_client::rpc_config::RpcSendTransactionConfig;
use solana_sdk::{commitment_config::CommitmentLevel, compute_budget::ComputeBudgetInstruction};
use solend_program::{instruction::set_lending_market_owner_and_config, state::RateLimiterConfig};
use solend_sdk::{
instruction::{
liquidate_obligation_and_redeem_reserve_collateral, redeem_reserve_collateral,
Expand Down Expand Up @@ -88,6 +89,12 @@ struct PartialReserveConfig {
pub protocol_liquidation_fee: Option<u8>,
/// Protocol take rate is the amount borrowed interest protocol recieves, as a percentage
pub protocol_take_rate: Option<u8>,
/// Rate Limiter's max window size
pub rate_limiter_window_duration: Option<u64>,
/// Rate Limiter's max outflow per window
pub rate_limiter_max_outflow: Option<u64>,
/// Added borrow weight in basis points
pub added_borrow_weight_bps: Option<u64>,
}

/// Reserve Fees with optional fields
Expand Down Expand Up @@ -523,6 +530,55 @@ fn main() {
.help("Borrow limit"),
)
)
.subcommand(
SubCommand::with_name("set-lending-market-owner-and-config")
.about("Set lending market owner and config")
.arg(
Arg::with_name("lending_market_owner")
.long("market-owner")
.validator(is_keypair)
.value_name("KEYPAIR")
.takes_value(true)
.required(true)
.help("Owner of the lending market"),
)
.arg(
Arg::with_name("lending_market")
.long("market")
.validator(is_pubkey)
.value_name("PUBKEY")
.takes_value(true)
.required(true)
.help("Lending market address"),
)
.arg(
Arg::with_name("new_lending_market_owner")
.long("new-lending-market-owner")
.validator(is_keypair)
.value_name("KEYPAIR")
.takes_value(true)
.required(false)
.help("Owner of the lending market"),
)
.arg(
Arg::with_name("rate_limiter_window_duration")
.long("rate-limiter-window-duration")
.validator(is_parsable::<u64>)
.value_name("INTEGER")
.takes_value(true)
.required(false)
.help("Rate Limiter Window Duration in Slots"),
)
.arg(
Arg::with_name("rate_limiter_max_outflow")
.long("rate-limiter-max-outflow")
.validator(is_parsable::<u64>)
.value_name("INTEGER")
.takes_value(true)
.required(false)
.help("Rate Limiter max outflow denominated in dollars within 1 window"),
)
)
.subcommand(
SubCommand::with_name("update-reserve")
.about("Update a reserve config")
Expand Down Expand Up @@ -716,6 +772,33 @@ fn main() {
.required(false)
.help("Switchboard price feed account: https://switchboard.xyz/#/explorer"),
)
.arg(
Arg::with_name("rate_limiter_window_duration")
.long("rate-limiter-window-duration")
.validator(is_parsable::<u64>)
.value_name("INTEGER")
.takes_value(true)
.required(false)
.help("Rate Limiter Window Duration in Slots"),
)
.arg(
Arg::with_name("rate_limiter_max_outflow")
.long("rate-limiter-max-outflow")
.validator(is_parsable::<u64>)
.value_name("INTEGER")
.takes_value(true)
.required(false)
.help("Rate Limiter max outflow of token amounts within 1 window"),
)
.arg(
Arg::with_name("added_borrow_weight_bps")
.long("added-borrow-weight-bps")
.validator(is_parsable::<u64>)
.value_name("INTEGER")
.takes_value(true)
.required(false)
.help("Added borrow weight in basis points"),
)
)
.get_matches();

Expand Down Expand Up @@ -871,6 +954,7 @@ fn main() {
fee_receiver: liquidity_fee_receiver_keypair.pubkey(),
protocol_liquidation_fee,
protocol_take_rate,
added_borrow_weight_bps: 10000,
},
source_liquidity_pubkey,
source_liquidity_owner_keypair,
Expand All @@ -883,6 +967,24 @@ fn main() {
source_liquidity,
)
}
("set-lending-market-owner-and-config", Some(arg_matches)) => {
let lending_market_owner_keypair =
keypair_of(arg_matches, "lending_market_owner").unwrap();
let lending_market_pubkey = pubkey_of(arg_matches, "lending_market").unwrap();
let new_lending_market_owner_keypair =
keypair_of(arg_matches, "new_lending_market_owner");
let rate_limiter_window_duration =
value_of(arg_matches, "rate_limiter_window_duration");
let rate_limiter_max_outflow = value_of(arg_matches, "rate_limiter_max_outflow");
command_set_lending_market_owner_and_config(
&mut config,
lending_market_pubkey,
lending_market_owner_keypair,
new_lending_market_owner_keypair,
rate_limiter_window_duration,
rate_limiter_max_outflow,
)
}
("update-reserve", Some(arg_matches)) => {
let reserve_pubkey = pubkey_of(arg_matches, "reserve").unwrap();
let lending_market_owner_keypair =
Expand All @@ -906,6 +1008,10 @@ fn main() {
let pyth_product_pubkey = pubkey_of(arg_matches, "pyth_product");
let pyth_price_pubkey = pubkey_of(arg_matches, "pyth_price");
let switchboard_feed_pubkey = pubkey_of(arg_matches, "switchboard_feed");
let rate_limiter_window_duration =
value_of(arg_matches, "rate_limiter_window_duration");
let rate_limiter_max_outflow = value_of(arg_matches, "rate_limiter_max_outflow");
let added_borrow_weight_bps = value_of(arg_matches, "added_borrow_weight_bps");

let borrow_fee_wad = borrow_fee.map(|fee| (fee * WAD as f64) as u64);
let flash_loan_fee_wad = flash_loan_fee.map(|fee| (fee * WAD as f64) as u64);
Expand All @@ -930,6 +1036,9 @@ fn main() {
fee_receiver,
protocol_liquidation_fee,
protocol_take_rate,
rate_limiter_window_duration,
rate_limiter_max_outflow,
added_borrow_weight_bps,
},
pyth_product_pubkey,
pyth_price_pubkey,
Expand Down Expand Up @@ -1437,6 +1546,50 @@ fn command_add_reserve(
Ok(())
}

fn command_set_lending_market_owner_and_config(
config: &mut Config,
lending_market_pubkey: Pubkey,
lending_market_owner_keypair: Keypair,
new_lending_market_owner_keypair: Option<Keypair>,
rate_limiter_window_duration: Option<u64>,
rate_limiter_max_outflow: Option<u64>,
) -> CommandResult {
let lending_market_info = config.rpc_client.get_account(&lending_market_pubkey)?;
let lending_market = LendingMarket::unpack_from_slice(lending_market_info.data.borrow())?;
println!("{:#?}", lending_market);

let recent_blockhash = config.rpc_client.get_latest_blockhash()?;
let message = Message::new_with_blockhash(
&[set_lending_market_owner_and_config(
config.lending_program_id,
lending_market_pubkey,
lending_market_owner_keypair.pubkey(),
if let Some(owner) = new_lending_market_owner_keypair {
owner.pubkey()
} else {
lending_market.owner
},
RateLimiterConfig {
window_duration: rate_limiter_window_duration
.unwrap_or(lending_market.rate_limiter.config.window_duration),
max_outflow: rate_limiter_max_outflow
.unwrap_or(lending_market.rate_limiter.config.max_outflow),
},
)],
Some(&config.fee_payer.pubkey()),
&recent_blockhash,
);

let transaction = Transaction::new(
&vec![config.fee_payer.as_ref(), &lending_market_owner_keypair],
message,
recent_blockhash,
);

send_transaction(config, transaction)?;
Ok(())
}

#[allow(clippy::too_many_arguments, clippy::unnecessary_unwrap)]
fn command_update_reserve(
config: &mut Config,
Expand All @@ -1450,6 +1603,7 @@ fn command_update_reserve(
) -> CommandResult {
let reserve_info = config.rpc_client.get_account(&reserve_pubkey)?;
let mut reserve = Reserve::unpack_from_slice(reserve_info.data.borrow())?;
println!("Reserve: {:#?}", reserve);
let mut no_change = true;
if reserve_config.optimal_utilization_rate.is_some()
&& reserve.config.optimal_utilization_rate
Expand Down Expand Up @@ -1664,6 +1818,46 @@ fn command_update_reserve(
);
reserve.liquidity.switchboard_oracle_pubkey = switchboard_feed_pubkey.unwrap();
}

if reserve_config.rate_limiter_window_duration.is_some()
&& reserve.rate_limiter.config.window_duration
!= reserve_config.rate_limiter_window_duration.unwrap()
{
no_change = false;
println!(
"Updating rate_limiter_window_duration from {} to {}",
reserve.rate_limiter.config.window_duration,
reserve_config.rate_limiter_window_duration.unwrap(),
);
reserve.rate_limiter.config.window_duration =
reserve_config.rate_limiter_window_duration.unwrap();
}

if reserve_config.rate_limiter_max_outflow.is_some()
&& reserve.rate_limiter.config.max_outflow
!= reserve_config.rate_limiter_max_outflow.unwrap()
{
no_change = false;
println!(
"Updating rate_limiter_max_outflow from {} to {}",
reserve.rate_limiter.config.max_outflow,
reserve_config.rate_limiter_max_outflow.unwrap(),
);
reserve.rate_limiter.config.max_outflow = reserve_config.rate_limiter_max_outflow.unwrap();
}

if reserve_config.added_borrow_weight_bps.is_some()
&& reserve.config.added_borrow_weight_bps != reserve_config.added_borrow_weight_bps.unwrap()
{
no_change = false;
println!(
"Updating added_borrow_weight_bps from {} to {}",
reserve.config.added_borrow_weight_bps,
reserve_config.added_borrow_weight_bps.unwrap(),
);
reserve.config.added_borrow_weight_bps = reserve_config.added_borrow_weight_bps.unwrap();
}

if no_change {
println!("No changes made for reserve {}", reserve_pubkey);
return Ok(());
Expand All @@ -1675,6 +1869,10 @@ fn command_update_reserve(
&[update_reserve_config(
config.lending_program_id,
reserve.config,
RateLimiterConfig {
window_duration: reserve.rate_limiter.config.window_duration,
max_outflow: reserve.rate_limiter.config.max_outflow,
},
reserve_pubkey,
lending_market_pubkey,
lending_market_owner_keypair.pubkey(),
Expand Down
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